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CNBC
Oct 2, 2012 4:00am EDT
. >>> kelly is off for the week, so jim is here with me. >> thank you. >> need extra reinforcements. and they don't come any better than having you on this morning. we had spanish unemployment out this morning and i know we have to talk china and australia, but on your travels at the moment, what do you think of the rather nonlinear as you put it in your notes, this nonlynn krer progress where we're at, the ecb waiting. economics is getting worse. >> well, actually, let me start with the last point you made. and the very latest marginal information, yesterday's pmi -- >> slightly better than the flash number. >> spanish unemployment number is almost definitely a bit of a lagging indicator. the bounce in italy in particular was interesting and a further modest improvement in spain. the level of spain and italy's pmi is now higher, so everybody is highly focused on the spanish thing, but surely it's gist a matter of when they are in a program. i'm not sure if it's the big cutting edge story anymore. >> italian paper is going to give some of the best returns this year. 20%. >> you know, the
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